Payroll:
Payroll reporting services consist of helping clients calculate payroll liabilities, remit payments and prepare the necessary forms to comply with applicable federal, state and local requirements.  We calculate liabilities and prepare forms for the following types of employer payroll liabilities:

• Federal employee income tax and FICA withholding
• Employer payroll tax
• Federal and state unemployment tax (FUTA and SUTA)
• State sales, use and withholding tax
• Year-end employee reporting compliance (W-2 and 1099)

Value proposition:
There are a myriad of remittance and reporting requirements for employer payroll liabilities.  The due dates and frequency of payments and reporting forms vary greatly depending on the size of an employer's annual payroll tax liabilities.  Reporting form due dates rarely coincide with payment due dates.  State payment and reporting requirements are different from federal reporting dates as well.

The cost of not complying with payroll remittance and reporting requirements can be significant.  For example, remitting a federal withholding payment one day late will cost an employer 2% of the total payment.  The cost can escalate to 17% of the unpaid balance in as little as 16 days from the due date, and can reach 32% if an employer is unable to make payments in as little as 10 days from the receipt of an IRS notice.  An employer may be subject to a 10% penalty for making a payment improperly.  Business owners may be personally liable for some of their business' unpaid payroll liabilities.

If you want to minimize the risk and cost of noncompliance with payroll remittance and reporting requirements, please contact us.